Cardonio Bounty Campaign: What is an ICO Bounty Program and How to Incorporate it into an ICO Campaign?
The crypto-world is becoming bigger and interesting as we speak. The industry experts are ever restless, launching new alt-coins almost every day.
The crypto-world is becoming bigger and interesting as we speak. The industry experts are ever restless, launching new alt-coins almost every day.
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<strong>Cardonio</strong> <strong>Bounty</strong> <strong>Campaign</strong>: <strong>What</strong> <strong>is</strong> <strong>an</strong> <strong>ICO</strong> <strong>Bounty</strong> <strong>Program</strong> <strong>an</strong>d<br />
<strong>How</strong> <strong>to</strong> <strong>Incorporate</strong> <strong>it</strong> in<strong>to</strong> <strong>an</strong> <strong>ICO</strong> <strong>Campaign</strong>?<br />
The cryp<strong>to</strong>-world <strong>is</strong> becoming bigger <strong>an</strong>d interesting as we speak. The industry experts are ever<br />
restless, launching new alt-coins almost every day. But th<strong>is</strong> <strong>is</strong> not the only thing that <strong>is</strong> being done<br />
in th<strong>is</strong> industry. Once you start following the news, you will see a lot of new terms <strong>an</strong>d activ<strong>it</strong>ies<br />
that qu<strong>it</strong>e fr<strong>an</strong>kly don’t make <strong>an</strong>y sense <strong>to</strong> some people as well. One of these terms <strong>is</strong> <strong>ICO</strong> bounty<br />
program. You must be wondering, Wa<strong>it</strong>, what <strong>is</strong> that?<br />
If you had a ch<strong>an</strong>ce <strong>to</strong> get familiar w<strong>it</strong>h some unorthodox marketing techniques in the past, then<br />
there <strong>is</strong> a good ch<strong>an</strong>ce you c<strong>an</strong> guess what <strong>ICO</strong> bounty <strong>is</strong> all about. And no, <strong>it</strong> doesn’t involve<br />
<strong>an</strong>yone becoming a pirate at <strong>an</strong>y given point in time. Let’s see what <strong>ICO</strong> bounties are, <strong>an</strong>d what<br />
role they play in <strong>an</strong> <strong>ICO</strong> campaign.<br />
<strong>What</strong> <strong>is</strong> <strong>an</strong> <strong>ICO</strong> <strong>Bounty</strong>?<br />
The In<strong>it</strong>ial Coin Offering <strong>is</strong> <strong>an</strong> effort made by cryp<strong>to</strong>currency startups <strong>to</strong> ra<strong>is</strong>e money for their<br />
project. Everything starts w<strong>it</strong>h the wh<strong>it</strong>epaper, which tr<strong>an</strong>slates in<strong>to</strong> a business pl<strong>an</strong>. The<br />
wh<strong>it</strong>epaper usually contains:<br />
<br />
<br />
<br />
<br />
<br />
<br />
A detailed expl<strong>an</strong>ation of what the project <strong>is</strong> about.<br />
The reason why the project was started, <strong>an</strong>d whether there’s a real need in the world for<br />
<strong>it</strong>.<br />
A fin<strong>an</strong>cial pl<strong>an</strong>, where the key point <strong>is</strong> how much money the startup needs <strong>to</strong> get things<br />
going.<br />
The prec<strong>is</strong>e number of newly created cryp<strong>to</strong> <strong>to</strong>kens that the project crea<strong>to</strong>rs will keep for<br />
themselves.<br />
Information on whether the startup will accept only cryp<strong>to</strong>currencies or regular cash as<br />
well.<br />
The end date for the <strong>ICO</strong> campaign.<br />
During the <strong>ICO</strong> campaign, a cryp<strong>to</strong>currency startup’s main goal <strong>is</strong> <strong>to</strong> ra<strong>is</strong>e as much money as they<br />
c<strong>an</strong>. On the other h<strong>an</strong>d, inves<strong>to</strong>rs are motivated <strong>to</strong> invest in <strong>it</strong> by the qual<strong>it</strong>y of the wh<strong>it</strong>epaper,<br />
especially by the part where the real need for the cryp<strong>to</strong>currency <strong>is</strong> explained, <strong>an</strong>d the hope that<br />
the cryp<strong>to</strong>currency’s price will spike after the pl<strong>an</strong> launches.<br />
The more people learn about the <strong>ICO</strong>, the better, simply because the number of potential inves<strong>to</strong>rs<br />
r<strong>is</strong>es. Th<strong>is</strong> <strong>is</strong> where the <strong>ICO</strong> bounty comes in. Some startups don’t have the money <strong>to</strong> hire PR <strong>an</strong>d<br />
marketing firms <strong>to</strong> help them ra<strong>is</strong>e money. An <strong>ICO</strong> bounty <strong>is</strong> <strong>an</strong> efficient <strong>an</strong>d cheap way <strong>to</strong> spread<br />
the word about the <strong>ICO</strong> by outsourcing marketing <strong>to</strong> regular people.<br />
An <strong>ICO</strong> bounty c<strong>an</strong> be something very simple, such as logo creation, a mention in the comments<br />
of a popular YouTube video, a full YouTube video, forum posts, content creation, <strong>an</strong>d so on. Upon<br />
completing <strong>it</strong>, the startup rewards the bounty hunters w<strong>it</strong>h the br<strong>an</strong>d new cryp<strong>to</strong>currency.<br />
<strong>What</strong> <strong>is</strong> <strong>an</strong> <strong>ICO</strong> <strong>Bounty</strong> <strong>Program</strong>?<br />
The <strong>ICO</strong> bounty program <strong>is</strong> a specific marketing effort a startup decides <strong>to</strong> implement. The more<br />
detailed the <strong>ICO</strong> bounty program <strong>is</strong>, the greater the ch<strong>an</strong>ces for the startup <strong>to</strong> reach success. <strong>ICO</strong><br />
bounty programs help startups in two d<strong>is</strong>tinctive ways.
First, they help them spread the word of their <strong>ICO</strong>, <strong>an</strong>d, secondly, bounty programs c<strong>an</strong> help<br />
startups get the bugs out of their code by using high-end programmers which they c<strong>an</strong>not afford<br />
<strong>to</strong> have on their payroll.<br />
An <strong>ICO</strong> bounty program may involve all sorts of activ<strong>it</strong>ies r<strong>an</strong>ging from signature <strong>an</strong>d social media<br />
campaigns, <strong>to</strong> content creation <strong>an</strong>d tr<strong>an</strong>slation campaigns as well. Comp<strong>an</strong>ies like <strong>ICO</strong> <strong>Bounty</strong><br />
incorporates <strong>an</strong>d offers multiple types of <strong>ICO</strong> bounty programs, both pre-<strong>ICO</strong> <strong>an</strong>d post-<strong>ICO</strong> ones.<br />
All of th<strong>is</strong> <strong>is</strong>n’t done in <strong>an</strong> erratic fashion. Over the years startups in the cryp<strong>to</strong> world have learned<br />
a lot. Let’s see what types of <strong>ICO</strong> bounty programs there are.<br />
The Framework <strong>an</strong>d the Types<br />
Before you decide which <strong>ICO</strong> bounty will work best for your startup, you have <strong>to</strong> get familiar w<strong>it</strong>h<br />
the <strong>ICO</strong> bounty framework as a whole.<br />
The term pre-<strong>ICO</strong> bounty programs, as the name implies, refers <strong>to</strong> all the bounty efforts made<br />
before the <strong>ICO</strong> launch. Their primary purpose <strong>is</strong> <strong>to</strong> create the buzz <strong>an</strong>d get your marketing ball<br />
rolling. The ultimate goal <strong>is</strong> <strong>to</strong> signific<strong>an</strong>tly increase awareness <strong>an</strong>d get inves<strong>to</strong>rs interested in<br />
your startup <strong>an</strong>d upcoming <strong>ICO</strong>.<br />
Pre-<strong>ICO</strong> bounty programs include the following activ<strong>it</strong>ies:<br />
<br />
<br />
<br />
<br />
<br />
<br />
Social media campaigns – these bounties are designed <strong>to</strong> use the followers of the<br />
particip<strong>an</strong>ts’ social media accounts <strong>to</strong> ra<strong>is</strong>e awareness of the <strong>ICO</strong>. It <strong>is</strong> import<strong>an</strong>t <strong>to</strong><br />
d<strong>is</strong>tribute rewards depending on the engagement levels generated by the “bounty<br />
hunters”. The most popular social media platforms used in th<strong>is</strong> inst<strong>an</strong>ce are Tw<strong>it</strong>ter,<br />
Facebook, <strong>an</strong>d YouTube.<br />
Content creation – m<strong>an</strong>y of the people interested in cryp<strong>to</strong>currencies have blogs w<strong>it</strong>h large<br />
audiences. These bounties are designed <strong>to</strong> motivate them <strong>to</strong> wr<strong>it</strong>e articles about your <strong>ICO</strong><br />
on their popular blogs.<br />
Signature bounties – these are the most popular ones, as they are open <strong>to</strong> all the people at<br />
the B<strong>it</strong>cointalk forum. Startups usually restrict these bounties only for people who have a<br />
Jr. Member r<strong>an</strong>k or above on th<strong>is</strong> forum.<br />
Post-<strong>ICO</strong> bounty programs are launched after the money for the <strong>ICO</strong> launch has been<br />
ra<strong>is</strong>ed, <strong>to</strong> collect the feedback from the commun<strong>it</strong>y so that improvements c<strong>an</strong> be made.<br />
But, spreading the word <strong>to</strong> as m<strong>an</strong>y people as possible still remains the underlying goal of<br />
th<strong>is</strong> effort. The most popular bounties for the post-<strong>ICO</strong> stage go as follows:<br />
Tr<strong>an</strong>slation – documents like the wh<strong>it</strong>epaper, the official cryp<strong>to</strong>currency webs<strong>it</strong>e, <strong>an</strong>d the<br />
B<strong>it</strong>cointalk ANN thread are tr<strong>an</strong>slated in<strong>to</strong> several world l<strong>an</strong>guages.<br />
Bug Hunting <strong>an</strong>d Reporting – every cryp<strong>to</strong>currency platform <strong>an</strong>d software has bugs,<br />
especially when <strong>it</strong> <strong>is</strong> young. Bug reporting bounties are designed <strong>to</strong> motivate people <strong>to</strong><br />
report the bugs as soon as they d<strong>is</strong>cover them.<br />
Costs <strong>an</strong>d Benef<strong>it</strong>s<br />
All the information so far clearly implies that the benef<strong>it</strong>s of <strong>ICO</strong> bounty programs are huge. They<br />
offer unique opportun<strong>it</strong>ies for startups on a lim<strong>it</strong>ed budget <strong>to</strong> spread the word about their <strong>ICO</strong>,<br />
get more people interested in investing in <strong>it</strong>, <strong>an</strong>d make improvements <strong>to</strong> the platform after the<br />
<strong>ICO</strong> goes live.
When <strong>it</strong> comes <strong>to</strong> the costs, they are next <strong>to</strong> none. Some of the blockchain startups do hire bounty<br />
campaign m<strong>an</strong>agers, which signific<strong>an</strong>tly increases the costs of running a bounty campaign.<br />
You c<strong>an</strong> also consider getting l<strong>is</strong>ted on webs<strong>it</strong>es frequently v<strong>is</strong><strong>it</strong>ed by <strong>ICO</strong> bounty hunters <strong>to</strong><br />
engage as m<strong>an</strong>y of them as possible. In <strong>an</strong>y case, all the costs associated w<strong>it</strong>h these efforts are<br />
signific<strong>an</strong>tly lower th<strong>an</strong> the costs of hiring a marketing or PR firm.<br />
Famous <strong>ICO</strong> <strong>Bounty</strong> <strong>Program</strong>s<br />
One of the most famous <strong>ICO</strong> bounty programs was launched by Rentberry. The idea was qu<strong>it</strong>e<br />
genius – they used Blockchain technology <strong>an</strong>d smart contracts <strong>to</strong> enable people <strong>to</strong> enjoy <strong>an</strong> easier<br />
rental process, <strong>an</strong>d their <strong>ICO</strong> bounty program <strong>is</strong> what made <strong>it</strong> possible for the project <strong>to</strong> start.<br />
Another one <strong>is</strong> VRT World, a startup devoted <strong>to</strong> developing a decentralized global platform for all<br />
VR enthusiasts in the world.<br />
People c<strong>an</strong> take part in all sorts of VR activ<strong>it</strong>ies <strong>an</strong>d get exclusive access <strong>to</strong> the cutting-edge VR<br />
technologies on th<strong>is</strong> platform. Their bounty fund <strong>is</strong> around 2% of all sold VR <strong>to</strong>kens. The major<strong>it</strong>y<br />
of the bounty fund (30%) <strong>is</strong> reserved for the signature <strong>an</strong>d avatar campaign bounty.<br />
B<strong>it</strong>Nautic also leveraged <strong>ICO</strong> bounty programs <strong>to</strong> incentivize the people <strong>to</strong> invest in their<br />
decentralized shipping <strong>an</strong>d cargo platform. Around 5% of their <strong>to</strong>tal coin supply <strong>is</strong> reserved for<br />
bounty campaigns. More th<strong>an</strong> half of their bounty budget <strong>is</strong> reserved for mainstream media, social<br />
media, <strong>an</strong>d signature bounties.<br />
Hopefully, the term <strong>ICO</strong> bounty <strong>is</strong> closer <strong>to</strong> you th<strong>an</strong> before. As you c<strong>an</strong> see the <strong>ICO</strong> bounties have<br />
a lot of marketing potential for startups on a lim<strong>it</strong>ed budget. You c<strong>an</strong> incorporate them in<strong>to</strong> pre<br />
<strong>an</strong>d post-<strong>ICO</strong> efforts <strong>to</strong> maximize their effectiveness.<br />
Source: <strong>What</strong> <strong>is</strong> <strong>an</strong> <strong>ICO</strong> <strong>Bounty</strong> <strong>Program</strong> <strong>an</strong>d <strong>How</strong> <strong>to</strong> <strong>Incorporate</strong> <strong>it</strong> in<strong>to</strong> <strong>an</strong> <strong>ICO</strong><br />
<strong>Campaign</strong>?